Lenders and brokers using Automated Valuation Models (AVMs) and homeowners using "free online home values" to determine the value of a property need to know what those results aren't telling them.
1. Whether the house is really there. A computer can't so much as drive by a house to see if it's actually located where it's supposed to be, has four walls and a roof, and really is a four bedroom split level and not a one bedroom shack.
2. Whether unique features of a property might add to or detract from market value. So a computer returns an estimated value of $150,000. Did it account for the sewage treatment station next door? The railroad tracks nearby with trains that blow their whistles every night? The school district? The desirability of its tree-lined street versus the next street over?
3. How long ago the property was assessed. Many AVMs and free online services rely on public assessment records. In many states, for example, assessments may only be required every three years — the value may be nearly three years old in that case. Some states mandate that an assessed value not increase beyond a certain percentage, even if sales activity indicates the property has appreciated far more. When you use an AVM or free online service, you risk a lower value than reality.
4. What makes the comparables comparable. A computer might compare your subject property to another property with similar square footage sold three months ago a quarter of a mile away. Even if that "comparable" property is in a different, less desirable school district, fronts a four-lane, 55 M.P.H. street, and is flood-prone. Or even if the property was sold under duress, such as in a divorce situation, or not at arm's length, such as to a family member. A computer simply does not know all the adjustments that might need to be made to a "comparable" property's sales price.
5. Whether a market is declining. Automated valuations use data from recent, nearby sales. If those sales were completed at the peak of a local housing market, the computer will think the trend is going up. Even if a professional appraiser knows that the overall neighborhood is beginning to experience a downturn. As a lender, don't get stuck with a property that's been overvalued by a computer.
6. Whether there is a conflict of interest. Free online home values are often farmed out to real estate agents in your area, who use the service to get your listing when you decide to sell. The best way to do that is to impress you with their confidence that they can get a higher price for your property. If they tell you your property is "worth" the high end of what they believe they can sell it for, the theory goes, you're more likely to sign a listing agreement. With most things, it's best to "under promise and over deliver" — but the opposite is true when you use a free online home value service.
7. What qualifications, designations, experience and education the preparer of the value has. When you work with an appraiser, you can be confident we're highly qualified, ethical and prepared to complete your assignment professionally and with good judgment. Most of the time, you don't know the qualifications of whoever is behind those free online values, and they couldn't compare to an appraiser's if you did. And if you're relying on an automated valuation, you're cheating yourself out of an appraiser's education, experience and expertise.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties.
Monday, December 11, 2006
Tuesday, November 28, 2006
Appraisal Myths
Some Myths and Realities About Real Estate Appraisals and Appraisers
Myth: Assessed value should equate to market value.
Reality: While most states support the concept that assessed value approximate estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.
Myth: The appraised value of a property will vary, depending upon whether the appraisal is conducted for the buyer or the seller.
Reality: The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality - no matter for whom the appraisal is conducted.
Myth: Market value should approximate replacement cost.
Reality: Market value is based on what a willing buyer likely would pay a willing seller for a particular property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct a property in-kind.
Myth: Appraisers use a formula, such as a specific price per square foot, to figure out the value of a home.
Reality: Appraisers make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties.
Myth: In a robust economy - when the sales prices of homes in a given area are reported to be rising by a particular percentage - the value of individual properties in the area can be expected to appreciate by that same percentage.
Reality: Value appreciation of a specific property must be determined on an individualized basis, factoring in data on comparable properties and other relevant considerations. This is true in good times as well as bad.
Myth: You generally can tell what a property is worth simply by looking at the outside.
Reality: Property value is determined by a number of factors, including location, condition, improvements, amenities, and market trends.
Myth: Because consumers pay for appraisals when applying for loans to purchase or refinance real estate, they own their appraisal.
Reality: The appraisal is, in fact, legally owned by the lender - unless the lender "releases its interest" in the document. However, consumers must be given a copy of the appraisal report, upon written request, under the Equal Credit Opportunity Act.
Myth: Consumers need not be concerned with what is in the appraisal document so long as it satisfies the needs of their lending institution.
Reality: Only if consumers read a copy of their appraisal can they double-check its accuracy and question the result. Also, it makes a valuable record for future reference, containing useful and often-revealing information - including the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood, neighborhood description and a narrative of current real-estate activity and/or market trends in the vicinity.
Myth: Appraisers are hired only to estimate real estate property values in property sales involving mortgage-lending transactions.
Reality: Depending upon their qualifications and designations, appraisers can and do provide a variety of services, including advice for estate planning, dispute resolution, zoning and tax assessment review and cost/benefit analysis.
Myth: An Appraisal is the same as a home inspection.
Reality: An Appraisal does not serve the same purpose as an inspection. The Appraiser forms an opinion of value in the Appraisal process and resulting report. A home inspector determines the condition of the home and its major components and reports these findings.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Myth: Assessed value should equate to market value.
Reality: While most states support the concept that assessed value approximate estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.
Myth: The appraised value of a property will vary, depending upon whether the appraisal is conducted for the buyer or the seller.
Reality: The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality - no matter for whom the appraisal is conducted.
Myth: Market value should approximate replacement cost.
Reality: Market value is based on what a willing buyer likely would pay a willing seller for a particular property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct a property in-kind.
Myth: Appraisers use a formula, such as a specific price per square foot, to figure out the value of a home.
Reality: Appraisers make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties.
Myth: In a robust economy - when the sales prices of homes in a given area are reported to be rising by a particular percentage - the value of individual properties in the area can be expected to appreciate by that same percentage.
Reality: Value appreciation of a specific property must be determined on an individualized basis, factoring in data on comparable properties and other relevant considerations. This is true in good times as well as bad.
Myth: You generally can tell what a property is worth simply by looking at the outside.
Reality: Property value is determined by a number of factors, including location, condition, improvements, amenities, and market trends.
Myth: Because consumers pay for appraisals when applying for loans to purchase or refinance real estate, they own their appraisal.
Reality: The appraisal is, in fact, legally owned by the lender - unless the lender "releases its interest" in the document. However, consumers must be given a copy of the appraisal report, upon written request, under the Equal Credit Opportunity Act.
Myth: Consumers need not be concerned with what is in the appraisal document so long as it satisfies the needs of their lending institution.
Reality: Only if consumers read a copy of their appraisal can they double-check its accuracy and question the result. Also, it makes a valuable record for future reference, containing useful and often-revealing information - including the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood, neighborhood description and a narrative of current real-estate activity and/or market trends in the vicinity.
Myth: Appraisers are hired only to estimate real estate property values in property sales involving mortgage-lending transactions.
Reality: Depending upon their qualifications and designations, appraisers can and do provide a variety of services, including advice for estate planning, dispute resolution, zoning and tax assessment review and cost/benefit analysis.
Myth: An Appraisal is the same as a home inspection.
Reality: An Appraisal does not serve the same purpose as an inspection. The Appraiser forms an opinion of value in the Appraisal process and resulting report. A home inspector determines the condition of the home and its major components and reports these findings.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Friday, November 24, 2006
Appraisal Reviews
The Federal Reserve has recently reiterated that " services guidelines.
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Fed says.They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment."The Fed also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems."
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Bennett Appraisals, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those others may be reviewing our work, too!
In short, here at Bennett Appraisals, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients.Browse our website to learn more about our qualifications, expertise and services offered.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Fed says.They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment."The Fed also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems."
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Bennett Appraisals, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those others may be reviewing our work, too!
In short, here at Bennett Appraisals, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients.Browse our website to learn more about our qualifications, expertise and services offered.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Monday, October 30, 2006
Assessment Appeal Services
Most localities determine your property tax burden based on an ad valorem assessment of the property's value. Sometimes, as a property owner, you get an unwanted surprise in the mail telling you your taxes are going up, and sometimes it may seem as though your assessment is too high.
Often, matters like this can be resolved with a phone call. However, if after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, a professional, independent, third-party appraiser is often your best bet in proving your case. That's where we come in.
There are as many different procedures for appealing assessments as there are property taxing districts, so it's important to enlist the help of a professional appraisal firm that's experienced and trained in the ins and outs of your particular jurisdiction.
Please note: It makes sense to do your own research before determining whether to go forward with a property assessment appeal, especially before you make the decision to hire a professional appraiser. However, according to the Uniform Standards of Professional Appraisal Practice (USPAP), we are not allowed to take "shortcuts" -- i.e., your research -- and use it on its face as part of our independent evaluation. When you hire us for an assessment appeal, you're commissioning an independent, third-party professional appraisal report. As such we do our own evaluation, beginning to end. If you're right that your property has been overvalued, an independent report such as ours will be even more persuasive than any other evidence you can marshal on your own. But it depends on our ability to do the work independently.
Sometimes, you will have a hearing on your assessment appeal and will need for the appraiser you've hired to testify on your behalf. Be assured that at Bennett Appraisals, we are able to professionally and persuasively testify at appeal hearings. Browse our website to learn more about our qualifications, expertise and services offered.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Often, matters like this can be resolved with a phone call. However, if after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, a professional, independent, third-party appraiser is often your best bet in proving your case. That's where we come in.
There are as many different procedures for appealing assessments as there are property taxing districts, so it's important to enlist the help of a professional appraisal firm that's experienced and trained in the ins and outs of your particular jurisdiction.
Please note: It makes sense to do your own research before determining whether to go forward with a property assessment appeal, especially before you make the decision to hire a professional appraiser. However, according to the Uniform Standards of Professional Appraisal Practice (USPAP), we are not allowed to take "shortcuts" -- i.e., your research -- and use it on its face as part of our independent evaluation. When you hire us for an assessment appeal, you're commissioning an independent, third-party professional appraisal report. As such we do our own evaluation, beginning to end. If you're right that your property has been overvalued, an independent report such as ours will be even more persuasive than any other evidence you can marshal on your own. But it depends on our ability to do the work independently.
Sometimes, you will have a hearing on your assessment appeal and will need for the appraiser you've hired to testify on your behalf. Be assured that at Bennett Appraisals, we are able to professionally and persuasively testify at appeal hearings. Browse our website to learn more about our qualifications, expertise and services offered.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Wednesday, October 11, 2006
Residential Appraisal Services For The Bellingham Home Seller
HOME SELLER SERVICES
If you are planning to sell your home, it might be a wise decision to make a small investment in a professional appraisal. Unless you study real estate values on a day to day basis, like a professional appraiser does, it's difficult for you to get a handle on real estate values. We aren’t talking about how much you have invested in your home, how much you paid for it, or how much you want for it. We’re talking about the true market value of your home, which could really pay off for you in the long run!
SELLING YOUR HOME FSBO
More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent. Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price). Plus many FSBO sellers feel that they have more control in the process of selling their home since they’re in essence making all the rules. But selling your home on your own will require a significant amount of "homework" if you're going to do it right. One piece of advice that is consistently given by the experts in selling your home FSBO....Do NOT "Overprice" Your Home! It's very hard to be objective about your own home because of your emotional attachment to it. A professional appraiser is objective and will tell you what you need to know, not just what you want to hear.
PRE-LISTING APPRAISAL
If you’re working with a real estate agent to list your property, more than likely they’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price". This step is vital if you're going to maximize your profit and minimize the home’s time on the market.
But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement. And that’s where we come in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps". In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can:
Be a very valuable negotiating tool once you have a potential buyer
Impress buyer’s with written proof of your home’s condition inside and out
Make you aware of problems and eliminate last-minute repair hassles that might delay a closing
Decrease the chances of unknown problems that cause sales to fall through
Eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own
Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.
CONSULTATION
Maybe you feel like you don't need an "appraisal" but you'd still like some help gathering local property and sales data. Our reports help you to make an informed buying decision. We understand the complexities of buying a home and know what you are going through and will do our best to make it easier for you by giving you a high quality, professional appraisal that you can depend on!
When you order an appraisal report from us, you can expect. . . .
Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Quick turnaround time: Typically one week or less from the date the request is received. If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.
Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. Express mail too slow? We can deliver your report attached to a standard email, or notify you of an Internet site to download your report, the MINUTE it's completed!
Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valley, Sumas, South Hill and all of Whatcom & Skagit Counties
Friday, October 06, 2006
Bellingham WA Estate Appraisals, Bennett Appraisals
Estate Appraisals
Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valey, Sumas, South Hill and all of Whatcom & Skagit Counties
Bennett Appraisals PO Box 5961 Bellingham, WA 98227-5961
Phone: (360) 746-0224 Cell: (360) 990-7296 Fax: (360) 838-0634
Bennettappraisals@comcast.net
Bennettappraisals@comcast.net
Tuesday, October 03, 2006
Bennett Appraisals Bellingham WA, Using The Latest Technology
At Bennett Appraisals, we utilize the latest in Appraisal technology. We strongly believe that effeciency is of the highest importance to both our business and yours. Here are some examples of how today's technology is benefiting us both:
1. Laser measuring-produces extremely accurate building measurements. Saves time on inspections, translating to better turn around times for our clients.
2.The latest and greatest Appraisal Software, online ordering, online updates of report progress, EDI report emailing with sure receipt verification.
3. High quality digital cameras with SD memory cards.
4. GPS navigation
5. Bluetooth enabled cellphones so we are always available for our clients. Bluetooth allows for wireless headset communication.
6. Wireless internet laptops, for complete appraisal portability.
7. Pocket WinTotal for PDA's with Pocket Apex. This reduces time and increases accuracy by allowing information to be input once into the PDA upon inspection, then connected with the main computer appraisal files back in the office.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valey, Sumas, South Hill and all of Whatcom & Skagit Counties
Bennett Appraisals PO Box 5961 Bellingham, WA 98227-5961Phone: (360) 746-0224 Cell: (360) 990-7296 Fax: (360) 838-0634
var username = 'bennettappraisals'; var hostname = 'comcast.net'; document.write
E-mail: bennettappraisals@comcast.net
Website: www.bennet4appraisals.com
1. Laser measuring-produces extremely accurate building measurements. Saves time on inspections, translating to better turn around times for our clients.
2.The latest and greatest Appraisal Software, online ordering, online updates of report progress, EDI report emailing with sure receipt verification.
3. High quality digital cameras with SD memory cards.
4. GPS navigation
5. Bluetooth enabled cellphones so we are always available for our clients. Bluetooth allows for wireless headset communication.
6. Wireless internet laptops, for complete appraisal portability.
7. Pocket WinTotal for PDA's with Pocket Apex. This reduces time and increases accuracy by allowing information to be input once into the PDA upon inspection, then connected with the main computer appraisal files back in the office.
Bennett Appraisals serves the following areas: Anacortes, Alger, Bellingham, Birch Bay, Blaine, Burlington, Cain Lakes, Concrete, Ferndale, Fairhaven, Geneva,Glacier, Lynden, Mount Baker, Mount Vernon, Sedro Wooley, Sehome, Silver Beach, Sudden Valey, Sumas, South Hill and all of Whatcom & Skagit Counties
Bennett Appraisals PO Box 5961 Bellingham, WA 98227-5961Phone: (360) 746-0224 Cell: (360) 990-7296 Fax: (360) 838-0634
var username = 'bennettappraisals'; var hostname = 'comcast.net'; document.write
E-mail: bennettappraisals@comcast.net
Website: www.bennet4appraisals.com
Monday, October 02, 2006
Bellingham Appraisal: 5 Steps to Faster Turn Around Times
Five Steps to Faster Turn Around Times
If you worked with appraisers ten years ago, you know how much technology has changed since then. What you might not realize is that there have been many developments in technology and e-commerce that have improved turnaround times on appraisal assignments. We're taking advantage of them. Are you taking advantage of every opportunity you have to speed up the process?
Here are some suggestions.
1. Are you ordering appraisals online? With online ordering, you get automatic e-mail acknowledgements that the assignment was received, and fast, secure .PDF format report delivery. It's the single biggest time saver available to both of us! We don't have to retype information from a fax, and you don't have to wonder whether we received the order.
2. Are you providing complete and accurate information about the subject property? There's nothing like being one number off on the street address to add unnecessary time to an appraisal assignment. And if you have a tax parcel number, plat map number, subdivision name or anything else that uniquely identifies the property, please pass it along. We even welcome lists of recent sales in the area — though be advised that professional appraisers must always do their own due diligence on comparable sales, and ours might differ from yours.
3. Are you letting us know up front any details about the property that might make it unique? Cookie-cutter homes are relatively easy to appraise. What takes time is analyzing how unique features contribute to or detract from what otherwise would be a property's market value. Let us know up front when you order your report if there are unique features of the home or surrounding area — for example, it's had a recent addition put on, it's subject to zoning restrictions, it's prone to flooding. These are things we'll find out on our own anyway, and knowing them as soon as possible makes your report arrive more quickly.
4. Are you making the occupants of the home aware of what to expect? One of the most time consuming parts of the appraisal process is setting an appointment with the occupants of the home. Some homeowners are understandably uncomfortable with the fact a stranger wants to come in their house and look around and make notes. Some think they have to make the place spotless before the appraiser comes by, thinking that will make the house appraise higher. So they put off the appointment until they can get around to cleaning.
Hearing from you — someone they've been working with on their loan — a little bit about the appraisal process, who we are, and especially that dusting and polishing won't make it more likely their sale will close, can go a long way toward trimming the time it takes to inspect a home. Please feel free to point them to this website, where we have many pages of information for homeowners as well as others about the appraisal process. Encourage them to call us if they want to familiarize themselves with our staff and services. And tell them it's in their interest to set the appointment as quickly as possible!
5. Are you using our website as a resource to keep track of your report's status? Phone and fax tag are a thing of the past with up to the minute status updates available online, anytime, 24/7. As each important milestone in an assignment is completed, that information is available to you online. It's never been easier and faster to keep track of your report's status.
Bennett Appraisals www.bennett4appraisals.com PO Box 5961 Bellingham, WA 98227-5961Phone: (360) 746-0224 Cell: (360) 281-7289 Fax: (360) 838-0634
bennettappraisals@comcast.net
If you worked with appraisers ten years ago, you know how much technology has changed since then. What you might not realize is that there have been many developments in technology and e-commerce that have improved turnaround times on appraisal assignments. We're taking advantage of them. Are you taking advantage of every opportunity you have to speed up the process?
Here are some suggestions.
1. Are you ordering appraisals online? With online ordering, you get automatic e-mail acknowledgements that the assignment was received, and fast, secure .PDF format report delivery. It's the single biggest time saver available to both of us! We don't have to retype information from a fax, and you don't have to wonder whether we received the order.
2. Are you providing complete and accurate information about the subject property? There's nothing like being one number off on the street address to add unnecessary time to an appraisal assignment. And if you have a tax parcel number, plat map number, subdivision name or anything else that uniquely identifies the property, please pass it along. We even welcome lists of recent sales in the area — though be advised that professional appraisers must always do their own due diligence on comparable sales, and ours might differ from yours.
3. Are you letting us know up front any details about the property that might make it unique? Cookie-cutter homes are relatively easy to appraise. What takes time is analyzing how unique features contribute to or detract from what otherwise would be a property's market value. Let us know up front when you order your report if there are unique features of the home or surrounding area — for example, it's had a recent addition put on, it's subject to zoning restrictions, it's prone to flooding. These are things we'll find out on our own anyway, and knowing them as soon as possible makes your report arrive more quickly.
4. Are you making the occupants of the home aware of what to expect? One of the most time consuming parts of the appraisal process is setting an appointment with the occupants of the home. Some homeowners are understandably uncomfortable with the fact a stranger wants to come in their house and look around and make notes. Some think they have to make the place spotless before the appraiser comes by, thinking that will make the house appraise higher. So they put off the appointment until they can get around to cleaning.
Hearing from you — someone they've been working with on their loan — a little bit about the appraisal process, who we are, and especially that dusting and polishing won't make it more likely their sale will close, can go a long way toward trimming the time it takes to inspect a home. Please feel free to point them to this website, where we have many pages of information for homeowners as well as others about the appraisal process. Encourage them to call us if they want to familiarize themselves with our staff and services. And tell them it's in their interest to set the appointment as quickly as possible!
5. Are you using our website as a resource to keep track of your report's status? Phone and fax tag are a thing of the past with up to the minute status updates available online, anytime, 24/7. As each important milestone in an assignment is completed, that information is available to you online. It's never been easier and faster to keep track of your report's status.
Bennett Appraisals www.bennett4appraisals.com PO Box 5961 Bellingham, WA 98227-5961Phone: (360) 746-0224 Cell: (360) 281-7289 Fax: (360) 838-0634
bennettappraisals@comcast.net
Friday, September 29, 2006
Bennett Appraisals Now Serving the Bellingham Area including Whatcom & Skagit Counties.
We are a leading provider of real estate valuations for the mortgage lending marketplace. We have a proven track record of reducing lenders time, efforts and costs in managing the appraisal process.We currently service the Greater Bellingham area including all of Whatcom and Skagit Counties
Primary and Secondary Mortgages
Mortgage Refinancing
Employee Relocation
Private Mortgage Insurance Removal
Estate Planning
Divorce Settlement Our investment in training and technology has helped our customers greatly reduce their workload. By offering on-line appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. And since this process saves us money as well, we can keep our rates competitive with anybody in the industry.
Short Turn-Around Times
Highest-Quality Appraisal Reports
On-line Status Reports
Electronic Ordering and Delivery
Competitive Pricing Through this web site, you can perform a number of tasks. Ordering an appraisal is just a click of a button away. Or, spend some time and find out a bit more about the appraisal business. The more you know, the better decision you can make. And check back frequently, as our content is always being updated.
Bennett Appraisals
Jeremy Bennett, Certified Residential Appraiser
4 Tumbling Water Ct
Bellingham WA 98229
360-746-0224
360-838-0634 Fax
www.bennett4appraisals.com
email: bennettappraisals@comcast.net
Primary and Secondary Mortgages
Mortgage Refinancing
Employee Relocation
Private Mortgage Insurance Removal
Estate Planning
Divorce Settlement Our investment in training and technology has helped our customers greatly reduce their workload. By offering on-line appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. And since this process saves us money as well, we can keep our rates competitive with anybody in the industry.
Short Turn-Around Times
Highest-Quality Appraisal Reports
On-line Status Reports
Electronic Ordering and Delivery
Competitive Pricing Through this web site, you can perform a number of tasks. Ordering an appraisal is just a click of a button away. Or, spend some time and find out a bit more about the appraisal business. The more you know, the better decision you can make. And check back frequently, as our content is always being updated.
Bennett Appraisals
Jeremy Bennett, Certified Residential Appraiser
4 Tumbling Water Ct
Bellingham WA 98229
360-746-0224
360-838-0634 Fax
www.bennett4appraisals.com
email: bennettappraisals@comcast.net
Wednesday, June 21, 2006
A Few Good Reasons To Get An Appraisal
REASONS TO GET AN APPRAISAL
Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream. Most, if not all, of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. "Let's bring in the expert and make sure we're not spending too much on this property."
But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy? You bet.
PURCHASE OF A HOME
One of the most important issues involved in purchasing a property is developing an opinion of what it's worth so that you can make an informed offer to purchase. A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value. And for the small price of this service, you can give yourself "peace of mind" prior to making an offer to purchase that you're offering a fair price for the property.
REFINANCE OR GET A HOME EQUITY LOAN
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new appraisal of the property. PMI REMOVAL
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Many appraisers offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, the appraiser can provide you with a statement regarding the home value. Some will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.
DIVORCE SETTLEMENT
A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?". In most divorce cases, the Court won't usually force the parties involved to "buyout" the other party's interest but it may however order the sale of the home so each party gets an equal share of the equity. Regardless of the situation, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is.
If the parties want to sell the home, they'll have a better idea of what price to set. And on the flipside, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
ESTATE LIQUIDATION
The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Unlike many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues. Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.
Here too, an appraiser can help. Often the first step in fairly disposing of an estate is to understand its true value. Where property is involved, the appraiser can help determine the true value. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal.
RELOCATION
We understand the stress involved with an employee relocation. We take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.
HOME IMPROVEMENTS TO ADD VALUE
Before you decide to sell your home, there are several decisions to be made. First and foremost: "How much should it sell for?" But don't forget there may be other equally important questions to ask yourself such as "Would it be better to paint the entire house before we sell it?", "Should I put in that third bathroom?", "Should I complete my kitchen remodel?" Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.
SELLING A HOME
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.
Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. It's easy for them to step in and give you the information to help you make your decision. Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.
Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream. Most, if not all, of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. "Let's bring in the expert and make sure we're not spending too much on this property."
But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy? You bet.
PURCHASE OF A HOME
One of the most important issues involved in purchasing a property is developing an opinion of what it's worth so that you can make an informed offer to purchase. A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value. And for the small price of this service, you can give yourself "peace of mind" prior to making an offer to purchase that you're offering a fair price for the property.
REFINANCE OR GET A HOME EQUITY LOAN
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new appraisal of the property. PMI REMOVAL
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Many appraisers offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, the appraiser can provide you with a statement regarding the home value. Some will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.
DIVORCE SETTLEMENT
A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?". In most divorce cases, the Court won't usually force the parties involved to "buyout" the other party's interest but it may however order the sale of the home so each party gets an equal share of the equity. Regardless of the situation, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is.
If the parties want to sell the home, they'll have a better idea of what price to set. And on the flipside, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
ESTATE LIQUIDATION
The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Unlike many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues. Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.
Here too, an appraiser can help. Often the first step in fairly disposing of an estate is to understand its true value. Where property is involved, the appraiser can help determine the true value. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal.
RELOCATION
We understand the stress involved with an employee relocation. We take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.
HOME IMPROVEMENTS TO ADD VALUE
Before you decide to sell your home, there are several decisions to be made. First and foremost: "How much should it sell for?" But don't forget there may be other equally important questions to ask yourself such as "Would it be better to paint the entire house before we sell it?", "Should I put in that third bathroom?", "Should I complete my kitchen remodel?" Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.
SELLING A HOME
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.
Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. It's easy for them to step in and give you the information to help you make your decision. Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.
Monday, June 12, 2006
The Advantages Of Getting An Appraisal Prior To Listing Your Home
Pre-Listing Appraisal Services
If you’re working with a real estate agent to list your property, more than likelythey’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price".This step is vital if you're going to maximize your profit and minimize the home’s time on the market.
But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement.And that’s where we come in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps". In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can:
Be a very valuable negotiating tool once you have a potential buyer
Impress buyer’s with written proof of your home’s condition inside and out
Make yourself aware of problems and eliminate last-minute repair hassles that might delay a closing
Decrease the chances of unknown problems that cause sales to fall through
Eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own
Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.
Improvements to add valueIn addition to “how much?”, there may be other important questions to ask yourself before listing your home. Questions like ''Would it be better to paint the entire house before we sell it?”, ''Should I put in that third bathroom?'', ''Should I complete my kitchen remodel?'' Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.We can step in and help make these decisions. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our appraisal fees are based on efforts to complete the report and not a percentage of the sales price. So a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.
http://www.bennett4appraisals.com
If you’re working with a real estate agent to list your property, more than likelythey’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price".This step is vital if you're going to maximize your profit and minimize the home’s time on the market.
But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement.And that’s where we come in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps". In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can:
Be a very valuable negotiating tool once you have a potential buyer
Impress buyer’s with written proof of your home’s condition inside and out
Make yourself aware of problems and eliminate last-minute repair hassles that might delay a closing
Decrease the chances of unknown problems that cause sales to fall through
Eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own
Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.
Improvements to add valueIn addition to “how much?”, there may be other important questions to ask yourself before listing your home. Questions like ''Would it be better to paint the entire house before we sell it?”, ''Should I put in that third bathroom?'', ''Should I complete my kitchen remodel?'' Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.We can step in and help make these decisions. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our appraisal fees are based on efforts to complete the report and not a percentage of the sales price. So a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.
http://www.bennett4appraisals.com
Thursday, June 01, 2006
Introduction To Bennett Appraisals
We are a leading provider of real estate valuations for the mortgage lending marketplace. We have a proven track record of reducing lenders time, efforts and costs in managing the appraisal process.
We currently service Clark and portions of Cowlitz and Skamania Counties and we will be expanding to Whatcom, Skagit and Snohomish Counties later this summer. Here is a list of the appraisal
services that we provide:
*Primary and Secondary Mortgages
*Mortgage Refinancing
*Employee Relocation
*Private Mortgage Insurance Removal
*Estate Planning
*Divorce Settlement
Our investment in training and technology has helped our customers greatly reduce their workload. By offering on-line appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. And since this process saves us money as well, we can keep our rates competitive with anybody in the industry.
*Short Turn-Around Times
*Highest-Quality Appraisal Reports
*On-line Status Reports
*Electronic Ordering and Delivery
*Competitive Pricing
Through our web site www.bennett4appraisals.com , you can perform a number of tasks. Ordering an appraisal is just a click of a button away. Or, spend some time and find out a bit more about the appraisal business. The more you know, the better decision you can make. And check back frequently, as our content is always being updated.
Bennett Appraisals, Certified Residential Appraiser(WA)
Tuesday, May 16, 2006
Appraiser Ethics
Appraisal is a profession, and appraisers are professionals. In our field as with any profession we are bound by ethical considerations.
An appraiser's primary responsibility is to his or her client. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal to decide whether to make the mortgage loan. Appraisers have certain duties of confidentiality to their clients -- as a homeowner, if you want a copy of an appraisal report, you normally have to request it through your lender -- obligations of numerical accuracy depending on the assignment parameters, an obligation to attain and maintain a certain level of competency and education, and must generally conduct him or herself as a professional. Here, we take these ethical responsibilities very seriously.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment. There are ethical rules that have nothing to do with clients and others. Appraisers must keep their work files for a minimum of five years.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal profession’s biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines as unethical the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," and other things. This means you can be assured we are working to objectively determine the home or property value.
You can be assured of 100 percent ethical, professional service.
-->-->
Bennett Appraisals
1695 N 9th Street Washougal, WA 98671
Phone: (360) 844-1195 Cell: (360) 281-7289
Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Website: www.bennett4appraisals.com
An appraiser's primary responsibility is to his or her client. Normally, in residential practice, the appraiser's client is the lender ordering the appraisal to decide whether to make the mortgage loan. Appraisers have certain duties of confidentiality to their clients -- as a homeowner, if you want a copy of an appraisal report, you normally have to request it through your lender -- obligations of numerical accuracy depending on the assignment parameters, an obligation to attain and maintain a certain level of competency and education, and must generally conduct him or herself as a professional. Here, we take these ethical responsibilities very seriously.
Appraisers may also have fiduciary obligations to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment. There are ethical rules that have nothing to do with clients and others. Appraisers must keep their work files for a minimum of five years.
We only perform to the highest ethical standards possible. We don't do assignments on contingency fees. That is, we don't agree to do an appraisal report and get paid only if the loan closes. We don't do assignments on percentage fees. That is probably the appraisal profession’s biggest no-no, because it would tend to make appraisers inflate the value of homes or properties to increase their paycheck. We don't do that. Other unethical practices may be defined by state law or professional societies to which an appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also defines as unethical the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," and other things. This means you can be assured we are working to objectively determine the home or property value.
You can be assured of 100 percent ethical, professional service.
-->-->
Bennett Appraisals
1695 N 9th Street Washougal, WA 98671
Phone: (360) 844-1195 Cell: (360) 281-7289
Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Website: www.bennett4appraisals.com
Wednesday, May 10, 2006
Estate Appraisals
Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.
-->-->
Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 844-1195 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.
-->-->
Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 844-1195 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Tuesday, May 09, 2006
5 Steps to Faster turn Around Times When Working with an Appraiser
If you worked with appraisers ten years ago, you know how much technology has changed since then. What you might not realize is that there have been many developments in technology and e-commerce that have improved turnaround times on appraisal assignments. We're taking advantage of them. Are you taking advantage of every opportunity you have to speed up the process? Here are some suggestions.
- Are you ordering appraisals online? With online ordering, you get automatic e-mail acknowledgements that the assignment was received, and fast, secure .PDF format report delivery. It's the single biggest time saver available to both of us! We don't have to retype information from a fax, and you don't have to wonder whether we received the order.
- Are you providing complete and accurate information about the subject property? There's nothing like being one number off on the street address to add unnecessary time to an appraisal assignment. And if you have a tax parcel number, plat map number, subdivision name or anything else that uniquely identifies the property, please pass it along. We even welcome lists of recent sales in the area — though be advised that professional appraisers must always do their own due diligence on comparable sales, and ours might differ from yours.
- Are you letting us know up front any details about the property that might make it unique? Cookie-cutter homes are relatively easy to appraise. What takes time is analyzing how unique features contribute to or detract from what otherwise would be a property's market value. Let us know up front when you order your report if there are unique features of the home or surrounding area — for example, it's had a recent addition put on, it's subject to zoning restrictions, it's prone to flooding. These are things we'll find out on our own anyway, and knowing them as soon as possible makes your report arrive more quickly.
- Are you making the occupants of the home aware of what to expect? One of the most time consuming parts of the appraisal process is setting an appointment with the occupants of the home. Some homeowners are understandably uncomfortable with the fact a stranger wants to come in their house and look around and make notes. Some think they have to make the place spotless before the appraiser comes by, thinking that will make the house appraise higher. So they put off the appointment until they can get around to cleaning.
Hearing from you — someone they've been working with on their loan — a little bit about the appraisal process, who we are, and especially that dusting and polishing won't make it more likely their sale will close, can go a long way toward trimming the time it takes to inspect a home. Please feel free to point them to this website, where we have many pages of information for homeowners as well as others about the appraisal process. Encourage them to call us if they want to familiarize themselves with our staff and services. And tell them it's in their interest to set the appointment as quickly as possible! - Are you using our website as a resource to keep track of your report's status? Phone and fax tag are a thing of the past with up to the minute status updates available online, anytime, 24/7. As each important milestone in an assignment is completed, that information is available to you online. It's never been easier and faster to keep track of your report's status.
Tuesday, May 02, 2006
Relocation Appraisals
Time is money. This is never more true than when you or your company need an appraisal of your "old" home when you're relocating to a new area for work.
When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days.But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.
When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.
If you're a relocation services company in need of a local appraiser, look no further.Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 844-1195 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days.But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.
When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.
If you're a relocation services company in need of a local appraiser, look no further.Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 844-1195 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Thursday, February 02, 2006
Mortgage Applications down
WASHINGTON, D.C. (February 1, 2006) - The Mortgage Bankers Association(MBA) today released its Weekly Mortgage Applications Survey for the weekending January 27. The Market Composite Index - a measure of mortgage loanapplication volume was 626.8 - a decrease of 5.1 percent on a seasonallyadjusted basis from 660.5 one week earlier. On an unadjusted basis, theIndex increased 9.1 percent compared with the previous week but was down12.1 percent compared with the same week one year earlier.The seasonally-adjusted Purchase Index decreased by 8.0 percent to 435.7from 473.7 the previous week whereas the Refinance Index decreased by 1.5percent to 1747.2 from 1773.9 one week earlier. Other seasonally adjustedindex activity includes the Conventional Index, which decreased 5.9percent to 924.7 from 982.6 the previous week, and the Government Index,which increased 5.3 percent to 129.9 from 123.4 the previous week.The four week moving average for the seasonally-adjusted Market Index isup 3.3 percent to 625.2 from 605.0. The four week moving average is up 1.0percent to 452.7 from 448.3 for the Purchase Index while this average isup 6.1 percent to 1666.0 from 1570.0 for the Refinance Index.The refinance share of mortgage activity increased to 43.0 percent oftotal applications from 42.8 percent the previous week. Theadjustable-rate mortgage (ARM) share of activity increased to 30.5 percentof total applications from 29.5 percent the previous week.
Wednesday, February 01, 2006
Bennett Appraisals Serving SW Washington
Bennett Appraisals Serving SW Washington
Bennett Appraisals is a locally owned and operated Residential Appraisal Service.Typical appraisals include single family residences, multi- family properties (2-4 units), and residentially zoned vacant land for mortgage lending purposes.Other services provided are valuations for divorce, partnerships, tax assessment review, estate planning, zoning, employee relocation and cost vs. benefit analysis.www.bennett4appraisals.comBennett AppraisalsJeremy Bennett, Certified Residential Appraiser1695 N 9th St, Washougal, WA 98671cell: (360) 281-7289fax: (360) 838-0634
Bennett Appraisals is a locally owned and operated Residential Appraisal Service.Typical appraisals include single family residences, multi- family properties (2-4 units), and residentially zoned vacant land for mortgage lending purposes.Other services provided are valuations for divorce, partnerships, tax assessment review, estate planning, zoning, employee relocation and cost vs. benefit analysis.www.bennett4appraisals.comBennett AppraisalsJeremy Bennett, Certified Residential Appraiser1695 N 9th St, Washougal, WA 98671cell: (360) 281-7289fax: (360) 838-0634
Why Hire A Technologically Advanced Appraiser?
We all know them. The guys with pounds of silicon hanging from their belts. Every new gadget that has hit the market in the past 10 years has done time around their waist. Call them geeks. Call them nerds. Call them what you will, but by all means, give them your appraisal business. Why? I'm glad you asked.Appraisers are, by far, the most technical agents in the real estate world. By necessity, they have been drawn into the digital world at a pace not seen by their colleagues. The appraisal process is one that lends itself to technology. And technology has paid significant dividends to those appraisers who have invested in it. These dividends are shared with the appraiser's customers, in the form of shorter turn-around times and a much better final valuation report.OrderingLet's start at the beginning. Millions of real estate transactions are processed each year in the United States. Almost all of them require some sort of appraisal. Technology has allowed savvy appraisers to reduce the amount of work their client's need to order, track and receive appraisals. In the past, the primary mode of interaction between an appraiser and his clients was the telephone and fax machine. Clients would send requests via fax, and then often follow it up with a phone call to make sure it was received. Tracking the progress of the appraisal meant more phone calls - a disruption for both the client and the appraiser.But the modern, technologically advanced appraiser has a better method. Using tools like this web site - complete with the ability to order appraisals on-line - allows clients to shave valuable time off the process of ordering and tracking appraisals. Technologies like a la mode's net.X network are advancing this concept even further, giving its users the ability to not only order appraisals, but track their progress all the way until delivery. No more annoying games of phone tag!Data GatheringThe appraisal process is nothing if not a data intensive process. Appraisers spend a lot of their time gathering both specific information about the subject property and general data about the local market and developing trends. Once again, technology has stepped in to help appraisers. In the past, the home inspection process has been the time consuming and difficult. To top it off, appraisers then had to come back to the office and transcribe their field notes into the appraisal file itself. No longer.Today's digital appraiser has several tools that can aid in gathering data in the field. Starting with tools like a la mode's Pocket TOTAL, appraisers are eliminating the duplicate data entry problems of the past. Tools like the Leica Disto Laser meter are making the measurements more accurate. And software like Apex's PocketApex allow the appraiser to sketch the house on the fly. All of this means that the appraiser can get the report done and delivered to the client in a fraction of the time it once took.On the other side of the data gathering coin is the general data. The Internet has revolutionized the ability of appraisers to get quality data in a fraction of the time it once took. Where once an appraiser would spend hours finding the right location maps and then rubbing on decals, the modern appraiser gets his maps with a few mouse clicks, complete with location markers. And flood maps? Likewise just a few clicks away using services like a la mode's FloodSource. Standardized addressing, accurate postal coding, census tract information, are all at their fingertips. This ensures that the final report is as complete and accurate as possible, requiring fewer call-backs and revisions. A real money saver for busy appraisal clients.Report deliveryThe report is done. Now how is the digital appraiser going to leverage his investment in technology to improve the delivery process? Modern appraisers have forsaken the old print-and-snail mail route for a much more efficient electronic delivery system. Utilizing Adobe's Portable Document Format (PDF) files, an appraiser can deliver a complete, multi-page report, complete with digital photos and maps, through simple e-mail. Now, instead of waiting for the daily mail, or paying for expensive courier services, appraisal customers can simply log into their company email system and retrieve all the appraisals at one time. Without wasting and paper printing the appraisal, it can be routed to the appropriate loan officer or title company in the blink of an electron.More advanced organizations are leveraging a la mode's net.X network to not only order appraisals, but also to manage the delivery process. Before an appraisal is ever delivered, this cutting edge technology reviews the report and ensures that it meets certain guidelines. Have enough comparables been used? Has the appraiser included a statement of limiting conditions? These items can be checked automatically and the appraiser notified of the deficiency without the client ever getting involved. Now, when the final report is received, the client can be sure the appraisal meets all the basic criteria. Once again, costly follow up and revisions are avoided, lowering everybody's cost of doing business.Digital WorkfileIt would be wonderful if appraisers could complete a report, deliver it and never worry about seeing that document again. But one of the purposes of an appraisal is as a legal document outlining the condition of the property at the time of sale. So appraisers must keep their reports for 5 years, allowing them to recall any appraisal at any time to either defend the valuation or to be used in other legal proceedings.Here again, the digital appraiser leverages his investment in technology to improve service. By storing every aspect of the appraisal - notes, sketches, supporting documentation and calculations - along with the appraisal, the professional is able to retrieve that report at any time within the five years and recall just what that report was about. And this data is not stored in boxes stacked 5 deep in some rented warehouse. Instead, the digital appraiser uses technology like a la mode's Digital Workfile to electronically include all supporting documents as part of the appraisal file. These files are stored securely on searchable media, such as a la mode's Vault, where the appraiser can find them in a fraction of the time required in the past. This helps appraisal clients by giving them immediate, virtual access to any appraisal they've ordered within the past 5 years.These are just a few examples of how technologically advanced appraisers are improving the business workflows of their customers. Investing in the right software, services, gadgets and gizmos allows the appraiser to deliver reports quicker, more efficiently and with higher degrees of accuracy. All of which helps keep the appraiser's costs down, and save his clients time and money.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Greenspan replaced by Bernanke
The Senate Tuesday confirmed Ben S. Bernanke as the chairman and a member of the Board of Governors of the Federal Reserve System, the Fed said late Tuesday.
A private swearing-in ceremony is scheduled for Wednesday, Feb. 1, at the Federal Reserve Board.
The confirmation took place on Alan Greenspan's last day as head of the Fed after helming the bank for 18-and-a-half years.
Bernanke, chairman of President George W. Bush's Council of Economic Advisers since June, joins the Fed at a time when the office has been raising rates consistently and the housing market appears to be normalizing or perhaps heading for a slowdown.
The Senate approved the former Fed governor by voice vote after a short debate, Reuters reported. He won high praise from both Republicans and Democrats, according to Reuters.
Bernanke will be sworn in on Wednesday for a renewable four-year term at the helm of the U.S. central bank, along with a 14-year term on the Fed's board.
Sen. Charles Schumer, a New York Democrat, called him a "solid, thoughtful" person who is well qualified for the job, Reuters said.
"He is erudite, he is smart," Schumer told Reuters. "And he is one of those rare people who has made monetary policy his life's work."
Many supporters, as well as financial markets, have said they find comfort in Bernanke's promises to adhere to Greenspan's approach to monetary policy.
One Republican, a longtime critic of the Greenspan Fed, opposed the nomination, Reuters said. U.S. Sen. Jim Bunning of Kentucky said Bernanke failed to show enough independence on the Fed board and complained the central bank suffered from "group think," media reports said.
The 52-year-old Bernanke served at the Fed for nearly three years before he moved to the White House.
A private swearing-in ceremony is scheduled for Wednesday, Feb. 1, at the Federal Reserve Board.
The confirmation took place on Alan Greenspan's last day as head of the Fed after helming the bank for 18-and-a-half years.
Bernanke, chairman of President George W. Bush's Council of Economic Advisers since June, joins the Fed at a time when the office has been raising rates consistently and the housing market appears to be normalizing or perhaps heading for a slowdown.
The Senate approved the former Fed governor by voice vote after a short debate, Reuters reported. He won high praise from both Republicans and Democrats, according to Reuters.
Bernanke will be sworn in on Wednesday for a renewable four-year term at the helm of the U.S. central bank, along with a 14-year term on the Fed's board.
Sen. Charles Schumer, a New York Democrat, called him a "solid, thoughtful" person who is well qualified for the job, Reuters said.
"He is erudite, he is smart," Schumer told Reuters. "And he is one of those rare people who has made monetary policy his life's work."
Many supporters, as well as financial markets, have said they find comfort in Bernanke's promises to adhere to Greenspan's approach to monetary policy.
One Republican, a longtime critic of the Greenspan Fed, opposed the nomination, Reuters said. U.S. Sen. Jim Bunning of Kentucky said Bernanke failed to show enough independence on the Fed board and complained the central bank suffered from "group think," media reports said.
The 52-year-old Bernanke served at the Fed for nearly three years before he moved to the White House.
Wednesday, January 04, 2006
Fed Proposes Guidelines on Non- Traditional Mortgage Products
Fed Proposes Guidelines on Nontraditional Mortgage Products
The federal banking and credit union agencies have proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. According to their December 22 release, the agencies are concerned that these practices can present unique risks that institutions must appropriately manage. Included in the guidance is language concerning third-party origination, including that “if appraisal, loan documentation, or credit problems are discovered, the institution should take immediate action, which could include terminating its relationship with the third-party.”
The proposed guidance was issued by The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation, Office of Thrift Supervision and the National Credit Union Administration. In it, they discuss the importance of carefully managing the potential heightened risk levels created by these loans including: assessing a borrower's ability to repay the loan; recognizing that certain nontraditional mortgage loans are untested in a stressed environment and warranting strong risk management standards as well as appropriate capital and loan loss reserves; and ensuring that a borrower has sufficient information to understand loan terms and associated risks.
The full guidance is available at www.federalreserve.gov/boarddocs/press/bcreg/2005/20051220/attachment.pdf
There will be a 60-day comment period on the proposal starting from the December 22 publication in the Federal Register. Since the agencies will jointly review all of the comments submitted, a single submission suffices. This can be done via the Federal eRulemaking Portal, located at www.regulations.gov by following the instructions for submitting comments. Include “OCC” and “Docket Number 05-21” in your comment. You can also visit the OCC Web site, www.occ.treas.gov, click on “Contact the OCC,” scroll down and click on “Comments on Proposed Regulations”; or send an e-mail to regs.comments@occ.treas.gov; fax to 202-874-4448; or write to Office of the Comptroller of the Currency, 250 E Street, S.W., Mail Stop 1-5, Washington, DC 20219.
Wednesday, December 14, 2005
WA Pending Sales Drop Slightly
Pending Sales Drop Slightly, But Prices for Western Washington Homes Still Rising
KIRKLAND, Wash. (Dec. 6, 2005) – Housing activity in Western Washington showed mixed results in November, with the volume of pending sales declining slightly from 12 months ago – but prices continued to rise.
According to just-released figures from Northwest Multiple Listing Service, brokers across 15 counties reported 7,649 pending sales during November -- 97 fewer pending transactions (offers made and accepted, but not yet closed) than the same month a year ago. That amounts to a decline of 1.25 percent, marking the first drop in pending sales since January 2004.
Nine of the 15 counties in the MLS market area experienced drops in the volume of pending sales last month. (Two other counties, Okanogan and Whatcom, became part of NWMLS earlier this year but are excluded from the year-ago comparisons.)
Other key indicators tracked by the multiple listing service showed gains compared to 12 months ago:
MLS members added 345 more new listings of single family homes and condominiums to inventory compared to a year ago, for a 4.4 percent increase.
A comparison of total active inventory of single family homes and condominiums shows there are 296 more listings area-wide than at this time a year ago (22,013 versus 21,717).
Brokers reported a 4.7 increase in the number of closed sales compared to 12 months ago.
Prices are up 16.45 percent from a year ago.
Of the six counties reporting increases in pending sales from a year ago, San Juan County claimed the largest percentage increase (35.7%), followed by Grant (27.7%), Cowlitz (14.3%) and Snohomish (9.3%).
Five counties reported double-digit improvement in inventory (Grays Harbor, Kitsap, Pierce, Skagit and Thurston); five other counties had single-digit gains and five counties had declines from a year ago.
The selection remains smaller than year-ago levels in Grant, King, Kittitas, San Juan and Snohomish counties. In King County, where about one-third of the MLS inventory is located, the number of active listings is down about 12.7 percent from a year ago.
Condominium inventory is down sharply from a year ago. At month end, there were 2,440 condo listings in the MLS system, 579 fewer offerings than a year ago (down 19.2 percent). The selection in King County is at about 70 percent of year-ago levels.
All but one county in the NWMLS system reported double-digit price jumps for homes that sold and closed last month compared to 12 months ago. In the four-county Puget Sound region, Kitsap, Pierce and Snohomish counties all reported gains of around 20 percent, while in King County prices rose around 14.7 percent.
The median price for last month’s completed sales of homes and condominiums in King County rose from $305,000 a year ago to $350,000. For single family homes only (excluding condominiums), the median selling rice was $389,000, up about $53,000 (15.8 percent) from a year ago.
Affordability continues to be a concern for local brokers. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) for the third quarter of 2005, only 34.7 percent of homes in Seattle that sold during that period were affordable to families earning that area’s median income of $73,000. That survey pegged the median sales price at $325,000.
Northwest Multiple Listing Service, based in Kirkland and owned by its member brokers, serves 17 counties, mostly in Western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state. It encompasses more than 2,000 companies with approximately 25,000 sales associates.
KIRKLAND, Wash. (Dec. 6, 2005) – Housing activity in Western Washington showed mixed results in November, with the volume of pending sales declining slightly from 12 months ago – but prices continued to rise.
According to just-released figures from Northwest Multiple Listing Service, brokers across 15 counties reported 7,649 pending sales during November -- 97 fewer pending transactions (offers made and accepted, but not yet closed) than the same month a year ago. That amounts to a decline of 1.25 percent, marking the first drop in pending sales since January 2004.
Nine of the 15 counties in the MLS market area experienced drops in the volume of pending sales last month. (Two other counties, Okanogan and Whatcom, became part of NWMLS earlier this year but are excluded from the year-ago comparisons.)
Other key indicators tracked by the multiple listing service showed gains compared to 12 months ago:
MLS members added 345 more new listings of single family homes and condominiums to inventory compared to a year ago, for a 4.4 percent increase.
A comparison of total active inventory of single family homes and condominiums shows there are 296 more listings area-wide than at this time a year ago (22,013 versus 21,717).
Brokers reported a 4.7 increase in the number of closed sales compared to 12 months ago.
Prices are up 16.45 percent from a year ago.
Of the six counties reporting increases in pending sales from a year ago, San Juan County claimed the largest percentage increase (35.7%), followed by Grant (27.7%), Cowlitz (14.3%) and Snohomish (9.3%).
Five counties reported double-digit improvement in inventory (Grays Harbor, Kitsap, Pierce, Skagit and Thurston); five other counties had single-digit gains and five counties had declines from a year ago.
The selection remains smaller than year-ago levels in Grant, King, Kittitas, San Juan and Snohomish counties. In King County, where about one-third of the MLS inventory is located, the number of active listings is down about 12.7 percent from a year ago.
Condominium inventory is down sharply from a year ago. At month end, there were 2,440 condo listings in the MLS system, 579 fewer offerings than a year ago (down 19.2 percent). The selection in King County is at about 70 percent of year-ago levels.
All but one county in the NWMLS system reported double-digit price jumps for homes that sold and closed last month compared to 12 months ago. In the four-county Puget Sound region, Kitsap, Pierce and Snohomish counties all reported gains of around 20 percent, while in King County prices rose around 14.7 percent.
The median price for last month’s completed sales of homes and condominiums in King County rose from $305,000 a year ago to $350,000. For single family homes only (excluding condominiums), the median selling rice was $389,000, up about $53,000 (15.8 percent) from a year ago.
Affordability continues to be a concern for local brokers. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) for the third quarter of 2005, only 34.7 percent of homes in Seattle that sold during that period were affordable to families earning that area’s median income of $73,000. That survey pegged the median sales price at $325,000.
Northwest Multiple Listing Service, based in Kirkland and owned by its member brokers, serves 17 counties, mostly in Western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state. It encompasses more than 2,000 companies with approximately 25,000 sales associates.
Thursday, December 08, 2005
The Changing Market and Mortgage Applications
Apps upWASHINGTON, D.C. (December 7, 2005) — The Mortgage Bankers Association(MBA) today released its Weekly Mortgage Applications Survey for the weekending December 2. The Market Composite Index — a measure of mortgage loanapplication volume was 656.7 -- an increase of 5.2 percent on a seasonallyadjusted basis from 624.1, one week earlier. On an unadjusted basis, theIndex increased 46.8 percent compared with the previous week but was down6.1 percent compared with the same week one year earlier.The seasonally-adjusted Purchase Index increased by 4.0 percent to 495.1from 476.2 the previous week whereas the Refinance Index increased by 7.0percent to 1596.4 from 1484.3 one week earlier. Other seasonally adjustedindex activity includes the Conventional Index, which increased 5.1percent to 981.8 from 933.8 the previous week, and the Government Index,which increased 6.6 percent to 114.0 from 106.9 the previous week.The four week moving average for the seasonally-adjusted Market Index isdown 0.2 percent to 643.5 from 644.6. The four week moving average is up1.6 percent to 480.4 from 473.0 for the Purchase Index while this averageis down 3.1 percent to 1591.8 from 1642.4 for the Refinance Index.The refinance share of mortgage activity increased to 41.0 percent oftotal applications from 39.1 percent the previous week. Theadjustable-rate mortgage (ARM) share of activity increased to 33.1 percentof total applications from 33.0 percent the previous week.The average contract interest rate for 30-year fixed-rate mortgagesincreased to 6.32 percent from 6.20 percent on week earlier, with pointsincreasing to 1.30 from 1.17 (including the origination fee) for 80percent loan-to-value (LTV) ratio loans.The average contract interest rate for 15-year fixed-rate mortgagesincreased to 5.84 percent from 5.72 percent, with points increasing to1.37 from 1.26 (including the origination fee) for 80 percent LTV loans.The average contract interest rate for one-year ARMs increased to 5.49percent from 5.39 percent one week earlier, with points decreasing to 0.91from 0.96 (including the origination fee) for 80 percent LTV loans.**SPECIAL NOTES**The survey covers approximately 50 percent of all U.S. retail residentialmortgage originations, and has been conducted weekly since 1990.Respondents include mortgage bankers, commercial banks and thrifts. Baseperiod and value for all indexes is March 16, 1990=100.------------------------------
Thursday, November 17, 2005
FSBO Do You Need an Appraisal?
More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent.Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price).Plus many FSBO sellers feel that they have more control in the process of selling their home since they’re in essence making all the rules.
According to the National Association of Realtors, over 70% of all homebuyers now use the Internet to search for homes so if your house isn’t on the internet, it should be.And that’s where we can help.Using my websites’ Online Property Presentation feature, I can provide you with a great marketing tool to get your home on the web in front of potential buyers.
Here’s how it works. You order an appraisal from us via our website. Once the report is complete, I can publish a summary page of the appraisal to my website (with your permission, of course). A unique webpage URL is created for your property address that you use in all aspects of marketing your home to potential buyers. Your webpage is displayed as a beautiful Flash-animated listing brochure – just like what actual real estate agents use to market their listings. Your webpage will also include:
A prominent display of your contact information so potential buyers know how to reach you
A Property Details and Property Highlights area to display information like community and/or neighborhood demographics, school district, your home’s unique amenities, and any other features about your home you want to highlight
A detailed summary of our complete appraisal report and a link for your potential buyers to download it
A link to download an online location map so prospects can see your exact property address
An impressive virtual tour of all the photos of your home contained in our appraisal report
An e-mail link for potential buyers to send your webpage to a friend
You know your home better than anyone. And you know what features to highlight and what features you might want to downplay. So let us help you get the exposure your home deserves.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
According to the National Association of Realtors, over 70% of all homebuyers now use the Internet to search for homes so if your house isn’t on the internet, it should be.And that’s where we can help.Using my websites’ Online Property Presentation feature, I can provide you with a great marketing tool to get your home on the web in front of potential buyers.
Here’s how it works. You order an appraisal from us via our website. Once the report is complete, I can publish a summary page of the appraisal to my website (with your permission, of course). A unique webpage URL is created for your property address that you use in all aspects of marketing your home to potential buyers. Your webpage is displayed as a beautiful Flash-animated listing brochure – just like what actual real estate agents use to market their listings. Your webpage will also include:
A prominent display of your contact information so potential buyers know how to reach you
A Property Details and Property Highlights area to display information like community and/or neighborhood demographics, school district, your home’s unique amenities, and any other features about your home you want to highlight
A detailed summary of our complete appraisal report and a link for your potential buyers to download it
A link to download an online location map so prospects can see your exact property address
An impressive virtual tour of all the photos of your home contained in our appraisal report
An e-mail link for potential buyers to send your webpage to a friend
You know your home better than anyone. And you know what features to highlight and what features you might want to downplay. So let us help you get the exposure your home deserves.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Saturday, October 29, 2005
New Appraisal Forms
Fannie, Freddie will require newly redesigned URAR, 2055 and other appraisal forms starting November 1
Starting November 1, 2005, Fannie Mae and Freddie Mac will require newly redesigned appraisal forms for their loans. Since as you know most lenders use Fannie's forms in all cases, not just loans they're selling to Fannie Mae, you'll be seeing a lot of these new forms.
Some lenders have applied for an extension from Fannie Mae that will allow them to accept the old versions of the forms past November 1. Fannie and Freddie have been allowing the new forms to be used in lieu of the old for some time on a voluntary basis. But starting November 1, the URAR, 2055 and other forms you're used to will begin to go away for good, replaced by new versions.
We're ready to use the new URAR, 2055 and other redesigned forms (11 in all), whenever you need them. We hope you consider us your valuation/appraisal experts, and we know that you expect us to get you the reports you need, on the forms required by your company and its secondary mortgage market partners.
Since there's a lot new in the new forms that may impact how you find the information you're looking for in our reports, our scope of work and lead times when you order a report, and even our fees, we want to make sure you're up to speed on the major ways the new forms differ from the old. There are literally dozens of ways, but below are the most important.
What's the bottom line? The new forms require more research and analysis, firmer representations on the part of appraisers, and eliminate the cost and income approaches to value. You and your bank will be getting more useful, solid information, which you may find in different places than you're used to. But you'll still be getting the quality, professional service you expect from us. We won't miss a beat with the new forms and we want to be sure you won't, either.
Features of the new Fannie Mae forms, especially the redesigned URAR and 2055 Exterior Only
More comprehensive research required
Formerly the URAR asked the appraiser if there were any apparent adverse site conditions or external factors, like encroachments, environmental issues or land uses. The new version of the URAR eliminates the word "apparent" and may require your appraiser to search recorded deeds and land records.
The new form asks the appraiser to analyze the sales contract for a property being sold (that is, not being refinanced only) and the sales or transfer history of the property for the last three years.
The new form also asks the appraiser to analyze the sales history for the selected comparables for the previous year.
The new form asks how many properties are listed for sale in the subject's neighborhood and in what listing price range. It also asks for the number of comparable sales in the neighborhood within the last 12 months and their sales price range.
The 2055 form now asks for more data than previously, including an extensive sales history of the subject and comparables, like the URAR. The 2055 is now specifically exterior only. For interior inspections, measurements and/or pictures, please order a 1004 URAR.
New representations
The new form asks whether any part of the land involved in the mortgage transaction is in a flood hazard area. The former form only asked if the house or any improvements were.
The new form asks whether there are any adverse conditions that affect the livability, soundness or structural integrity of the property. As with adverse site conditions, there's no word "apparent" here, so we are likely to be more thorough in our evaluation.
The new form has the appraiser certify that we didn't use comparables that combined a land sale with the contract purchase price of a house.
There is new, stronger language in the form where the appraiser certifies that we were not subject to pressure to "hit a number," with the current assignment or any future work contingent on achieving a certain value. The language in the form says "written or otherwise," meaning we cannot complete the new form(s) if our client asks us whether we can "come in" at a certain value before assigning us the appraisal, or threatens not to pay for completed work if the value isn't at least $X. This has always been our policy and now we will need to certify to Fannie Mae that our client has not asked us to reach a certain value in the report. We take this new representation on our part seriously.
No more cost or income approaches
Starting November 1, 2005, Fannie Mae and Freddie Mac will require newly redesigned appraisal forms for their loans. Since as you know most lenders use Fannie's forms in all cases, not just loans they're selling to Fannie Mae, you'll be seeing a lot of these new forms.
Some lenders have applied for an extension from Fannie Mae that will allow them to accept the old versions of the forms past November 1. Fannie and Freddie have been allowing the new forms to be used in lieu of the old for some time on a voluntary basis. But starting November 1, the URAR, 2055 and other forms you're used to will begin to go away for good, replaced by new versions.
We're ready to use the new URAR, 2055 and other redesigned forms (11 in all), whenever you need them. We hope you consider us your valuation/appraisal experts, and we know that you expect us to get you the reports you need, on the forms required by your company and its secondary mortgage market partners.
Since there's a lot new in the new forms that may impact how you find the information you're looking for in our reports, our scope of work and lead times when you order a report, and even our fees, we want to make sure you're up to speed on the major ways the new forms differ from the old. There are literally dozens of ways, but below are the most important.
What's the bottom line? The new forms require more research and analysis, firmer representations on the part of appraisers, and eliminate the cost and income approaches to value. You and your bank will be getting more useful, solid information, which you may find in different places than you're used to. But you'll still be getting the quality, professional service you expect from us. We won't miss a beat with the new forms and we want to be sure you won't, either.
Features of the new Fannie Mae forms, especially the redesigned URAR and 2055 Exterior Only
More comprehensive research required
Formerly the URAR asked the appraiser if there were any apparent adverse site conditions or external factors, like encroachments, environmental issues or land uses. The new version of the URAR eliminates the word "apparent" and may require your appraiser to search recorded deeds and land records.
The new form asks the appraiser to analyze the sales contract for a property being sold (that is, not being refinanced only) and the sales or transfer history of the property for the last three years.
The new form also asks the appraiser to analyze the sales history for the selected comparables for the previous year.
The new form asks how many properties are listed for sale in the subject's neighborhood and in what listing price range. It also asks for the number of comparable sales in the neighborhood within the last 12 months and their sales price range.
The 2055 form now asks for more data than previously, including an extensive sales history of the subject and comparables, like the URAR. The 2055 is now specifically exterior only. For interior inspections, measurements and/or pictures, please order a 1004 URAR.
New representations
The new form asks whether any part of the land involved in the mortgage transaction is in a flood hazard area. The former form only asked if the house or any improvements were.
The new form asks whether there are any adverse conditions that affect the livability, soundness or structural integrity of the property. As with adverse site conditions, there's no word "apparent" here, so we are likely to be more thorough in our evaluation.
The new form has the appraiser certify that we didn't use comparables that combined a land sale with the contract purchase price of a house.
There is new, stronger language in the form where the appraiser certifies that we were not subject to pressure to "hit a number," with the current assignment or any future work contingent on achieving a certain value. The language in the form says "written or otherwise," meaning we cannot complete the new form(s) if our client asks us whether we can "come in" at a certain value before assigning us the appraisal, or threatens not to pay for completed work if the value isn't at least $X. This has always been our policy and now we will need to certify to Fannie Mae that our client has not asked us to reach a certain value in the report. We take this new representation on our part seriously.
No more cost or income approaches
Saturday, October 15, 2005
Preparing For The Winter Season
It happens every year. Summer turns to fall and we're never ready for the change -- and neither are our homes. The coming winter seems to be promising higher fuel costs across the nation, so this year it's really going to pay to grab a weekend and concentrate your efforts on ways to keep your house warmer and your utility bills more affordable. Here's a checklist to help you get started.
___ Check the heating system: A heating system tune-up is always in order this time of year. This should include changing the filter in your furnace; having your ducts cleaned; checking and possibly increasing insulation over ductwork running through the attic or crawlspace; clearing debris and overhanging shrubbery from around outdoor heat pump equipment; and having faulty or inefficient thermostats repaired or replaced.
___ Check insulation levels: Out of sight, out of mind is something that typically applies to insulation, to make it a point to check your insulation levels and improve them wherever you can. Attic insulation should be R-38 – about 12 to 14 inches of blown fiberglass – and can be easily added to by an insulation contractor if needed. Many house do not have any underfloor insulation, so you want to upgrade that area to R-19 to R-25 by installing fiberglass batts between the floor joists.
___ Stop the drafts: A drafty house is not only uncomfortable to live in, it also wastes money. Check all exterior doors, including the one between the house and the garage. Look for daylight between the door and the frame, and especially between the bottom of the door and sill. Replace or adjust any weather-stripping that is damaged, worn, or not making a tight seal. Check the weather-stripping on windows as well, and contact a glass company if you need help with replacement. Now is also the time to freshen up caulking around doors, windows, plumbing penetrations, and anywhere else that heat-robbing drafts can make their way in.
___ Close foundation vents: If you have opened your foundation vents for the summer to allow accumulated moisture to escape, now's the time to close them up again.
___ Check fireplace safety and efficiency: Many people depend on their fireplace or woodstove for supplemental heat, and you want to make sure it's working as well as possible. For conventional fireplaces, give some serious though to installing air-tight glass doors to improve efficiency and reduce drafts. If you already have doors, check and replace the door seals as needed, and adjust door latches and hinges. Now is also a good time to have the chimney cleaned and checked for problems, and to check spark arrestor caps.
___ Check firewood supplies: To get the maximum heat value from your firewood, it needs to be dry. Take the time now to stack your wood on an elevated platform – old pallets work well – and to make sure that the wood is covered and protected from the elements.
___ Pay attention to indoor safety: If you have a gas fireplace, range, water heater, or other appliance that uses propane or natural gas, the possibility of carbon monoxide poisoning from a malfunctioning appliance increases substantially as we close our homes up for the winter. Fall is the ideal time to install a carbon monoxide detector, which are available from many home centers and retailers of heating system supplies. This is also a great time to have your utility company or heating contractor inspect flues, fittings, and other components of your systems for potential problems.
___ Check smoke detectors: Now is the time we start spending a lot more time indoors, and it's the ideal reminder that we need to check smoke detectors. Take the time right now to check the operation of detectors, and to change the batteries. If you have an older house with a limited number of smoke detectors, you also need to install additional detectors outside each bedroom.
___ Check the roof: Examine roofing shingles and flashings, and repair or replace them as needed. A roof that leaks not only has the potential to cause significant structural damage, it also wets insulation, which causes a drop in the insulation's ability to resist heat loss
___ Check the heating system: A heating system tune-up is always in order this time of year. This should include changing the filter in your furnace; having your ducts cleaned; checking and possibly increasing insulation over ductwork running through the attic or crawlspace; clearing debris and overhanging shrubbery from around outdoor heat pump equipment; and having faulty or inefficient thermostats repaired or replaced.
___ Check insulation levels: Out of sight, out of mind is something that typically applies to insulation, to make it a point to check your insulation levels and improve them wherever you can. Attic insulation should be R-38 – about 12 to 14 inches of blown fiberglass – and can be easily added to by an insulation contractor if needed. Many house do not have any underfloor insulation, so you want to upgrade that area to R-19 to R-25 by installing fiberglass batts between the floor joists.
___ Stop the drafts: A drafty house is not only uncomfortable to live in, it also wastes money. Check all exterior doors, including the one between the house and the garage. Look for daylight between the door and the frame, and especially between the bottom of the door and sill. Replace or adjust any weather-stripping that is damaged, worn, or not making a tight seal. Check the weather-stripping on windows as well, and contact a glass company if you need help with replacement. Now is also the time to freshen up caulking around doors, windows, plumbing penetrations, and anywhere else that heat-robbing drafts can make their way in.
___ Close foundation vents: If you have opened your foundation vents for the summer to allow accumulated moisture to escape, now's the time to close them up again.
___ Check fireplace safety and efficiency: Many people depend on their fireplace or woodstove for supplemental heat, and you want to make sure it's working as well as possible. For conventional fireplaces, give some serious though to installing air-tight glass doors to improve efficiency and reduce drafts. If you already have doors, check and replace the door seals as needed, and adjust door latches and hinges. Now is also a good time to have the chimney cleaned and checked for problems, and to check spark arrestor caps.
___ Check firewood supplies: To get the maximum heat value from your firewood, it needs to be dry. Take the time now to stack your wood on an elevated platform – old pallets work well – and to make sure that the wood is covered and protected from the elements.
___ Pay attention to indoor safety: If you have a gas fireplace, range, water heater, or other appliance that uses propane or natural gas, the possibility of carbon monoxide poisoning from a malfunctioning appliance increases substantially as we close our homes up for the winter. Fall is the ideal time to install a carbon monoxide detector, which are available from many home centers and retailers of heating system supplies. This is also a great time to have your utility company or heating contractor inspect flues, fittings, and other components of your systems for potential problems.
___ Check smoke detectors: Now is the time we start spending a lot more time indoors, and it's the ideal reminder that we need to check smoke detectors. Take the time right now to check the operation of detectors, and to change the batteries. If you have an older house with a limited number of smoke detectors, you also need to install additional detectors outside each bedroom.
___ Check the roof: Examine roofing shingles and flashings, and repair or replace them as needed. A roof that leaks not only has the potential to cause significant structural damage, it also wets insulation, which causes a drop in the insulation's ability to resist heat loss
Friday, October 07, 2005
Homeowner Appraisal Services, SW Washington
Homeowner Appraisal Services
Homeowners need appraisals or appraisal reviews for a variety of reasons, including a mortgage refinance, home equity loans, Pre-listing services, and PMI removal. When you order an appraisal or review from us, you can rest assured that you will get the best in professional service, courtesy, and quality.
1. Refinance / Home Equity
Be sure that you request us if your lender asks you for YOUR choice of appraisal firms. More than likely we are already on their "approved list", and if not we will quickly provide your lender with the necessary documentation to become approved.
2. For-Sale-By-Owner (FSBO) / Pre-Listing Services
It's very hard to be objective about your own home because of your emotional attachment to it. A Professional Appraiser is objective and will tell you what you need to know, not just what you want to hear. In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal is very valuable as a negotiating tool once you have a potential buyer. It gives you something concrete to show your buyer. It's an independent third party's opinion of your home's value, and not just you saying how much your home is worth. Potential buyers know you have an emotional attachment to your home and will be far more likely to give credibility to a professional appraiser's value opinion than yours.
3. PMI Removal Appraisals
A popular money saver for homeowners in the last few years is to
get the PMI removed from their mortgage loan, thus saving them money on their monthly payments. PMI stands for "Private Mortgage Insurance". Once your mortgage loan amount is down below 80% of the
value of your home, in most cases you can apply to the lender to have the PMI removed from your loan, which will make your monthly payments go down. We are experienced in helping folks just like you rid them of unneeded and unwanted PMI insurance.
Jeremy Bennett
Certified Residential
Appraiser
“The difference between ordinary and extraordinary is that little extra.” – Barbara Jordan
Bennett Appraisals is a locally owned and operated residential appraisal service.
Typical appraisals include single family residences, multi family properties (2-4 units), and residentially zoned vacant land, for mortgage lending purposes.
Other services provided are valuations for divorce, partnership, tax assessment review, estate planning, zoning, employee relocation and cost vs. benefit analysis.
Homeowners need appraisals or appraisal reviews for a variety of reasons, including a mortgage refinance, home equity loans, Pre-listing services, and PMI removal. When you order an appraisal or review from us, you can rest assured that you will get the best in professional service, courtesy, and quality.
1. Refinance / Home Equity
Be sure that you request us if your lender asks you for YOUR choice of appraisal firms. More than likely we are already on their "approved list", and if not we will quickly provide your lender with the necessary documentation to become approved.
2. For-Sale-By-Owner (FSBO) / Pre-Listing Services
It's very hard to be objective about your own home because of your emotional attachment to it. A Professional Appraiser is objective and will tell you what you need to know, not just what you want to hear. In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal is very valuable as a negotiating tool once you have a potential buyer. It gives you something concrete to show your buyer. It's an independent third party's opinion of your home's value, and not just you saying how much your home is worth. Potential buyers know you have an emotional attachment to your home and will be far more likely to give credibility to a professional appraiser's value opinion than yours.
3. PMI Removal Appraisals
A popular money saver for homeowners in the last few years is to
get the PMI removed from their mortgage loan, thus saving them money on their monthly payments. PMI stands for "Private Mortgage Insurance". Once your mortgage loan amount is down below 80% of the
value of your home, in most cases you can apply to the lender to have the PMI removed from your loan, which will make your monthly payments go down. We are experienced in helping folks just like you rid them of unneeded and unwanted PMI insurance.
Jeremy Bennett
Certified Residential
Appraiser
“The difference between ordinary and extraordinary is that little extra.” – Barbara Jordan
Bennett Appraisals is a locally owned and operated residential appraisal service.
Typical appraisals include single family residences, multi family properties (2-4 units), and residentially zoned vacant land, for mortgage lending purposes.
Other services provided are valuations for divorce, partnership, tax assessment review, estate planning, zoning, employee relocation and cost vs. benefit analysis.
Thursday, October 06, 2005
Clark County; Notice of value
Clark County Department of GIS and Assessment / Notice of Value.
You may have noticed a pesky little mailing from the county concerning your property’s new value for taxation purposes.
What is a notice of value? Property owners receive a notice of value when the department determines there has been a change in their property value. The notice shows previous and current year's values. Current values are used to compute the following year's taxes and include exemptions and deferrals on record.
Who do I contact with questions about the notice and the new value? If you have questions about the value or the data used in its development, please call one of our review appraisers. In-person meetings should be scheduled in advance.
What happens if I don't agree with the review appraiser? You have two options. First you may request an informal appraisal inquiry that will allow you to review and verify the data used to establish your value, e.g., square feet, style of construction, etc. Often, differences are resolved at this point. If you still disagree, you may file a petition with the county Board of Equalization.
What is the Board of Equalization? The Board of Equalization is an impartial citizen board that hears property value disputes and determines assessed value. The board is located at 500 West 8th Street, Suite 19 (lower level). You can call them at (360) 397-2337 for additional information or to request forms.
When do I file the BOE petition? Petitions must be filed with the BOE within 60 days after your notice of value was mailed. To protect your right to appeal, we recommend you file a petition while working with a review appraiser.
How is an appeal processed? After filing a timely appeal, you will be contacted by a review appraiser from the Department of Assessment and GIS who will examine the
appraisal and make a final determination. If you still disagree, a hearing before the Board of Equalization will be scheduled. The board reviews sales evidence submitted by you and the review appraiser, and sets a final value.
For more information you can go to http://www.clark.wa.gov/assesor/
You may have noticed a pesky little mailing from the county concerning your property’s new value for taxation purposes.
What is a notice of value? Property owners receive a notice of value when the department determines there has been a change in their property value. The notice shows previous and current year's values. Current values are used to compute the following year's taxes and include exemptions and deferrals on record.
Who do I contact with questions about the notice and the new value? If you have questions about the value or the data used in its development, please call one of our review appraisers. In-person meetings should be scheduled in advance.
What happens if I don't agree with the review appraiser? You have two options. First you may request an informal appraisal inquiry that will allow you to review and verify the data used to establish your value, e.g., square feet, style of construction, etc. Often, differences are resolved at this point. If you still disagree, you may file a petition with the county Board of Equalization.
What is the Board of Equalization? The Board of Equalization is an impartial citizen board that hears property value disputes and determines assessed value. The board is located at 500 West 8th Street, Suite 19 (lower level). You can call them at (360) 397-2337 for additional information or to request forms.
When do I file the BOE petition? Petitions must be filed with the BOE within 60 days after your notice of value was mailed. To protect your right to appeal, we recommend you file a petition while working with a review appraiser.
How is an appeal processed? After filing a timely appeal, you will be contacted by a review appraiser from the Department of Assessment and GIS who will examine the
appraisal and make a final determination. If you still disagree, a hearing before the Board of Equalization will be scheduled. The board reviews sales evidence submitted by you and the review appraiser, and sets a final value.
For more information you can go to http://www.clark.wa.gov/assesor/
Wednesday, October 05, 2005
New Appraisal Forms
New Forms!
Earlier this year Fannie Mae released the final versions of the much anticipated new forms. There are eleven new forms which will replace all the major forms we currently use. These new forms will be required on all appraisals performed on and after November 1, 2005. Lenders and appraisers may continue to use the existing appraisal report forms or the test forms released in 2004 until October 31, 2005.
· Uniform Residential Appraisal Report, Fannie Mae Form 1004
· Manufactured Home Appraisal Report, Fannie Mae form 1004C
· Appraisal Update and/or Completion Report, Fannie Mae Form 1004D
· Small Residential Income Property Appraisal Report, Fannie Mae Form 1025
· Individual Condominium Unit Appraisal Report, Fannie Mae Form 1073
· Exterior Only Inspection Individual Condominium Unit Appraisal Report, Fannie Mae Form 1075
· One-Unit Residential Appraisal Field Review Report, Fannie Mae Form 2000
· Two- to- Four Unit Residential Appraisal Field Review Report, Fannie Mae Form 2000A
· Exterior Only Inspection Residential Appraisal Report, Fannie Mae Form 2055
· Individual Cooperative Interest Appraisal Report Form, Fannie Mae Form 2090
· Exterior Only Inspection Individual Cooperative Interest Appraisal Report, Fannie Mae Form 2095
Earlier this year Fannie Mae released the final versions of the much anticipated new forms. There are eleven new forms which will replace all the major forms we currently use. These new forms will be required on all appraisals performed on and after November 1, 2005. Lenders and appraisers may continue to use the existing appraisal report forms or the test forms released in 2004 until October 31, 2005.
· Uniform Residential Appraisal Report, Fannie Mae Form 1004
· Manufactured Home Appraisal Report, Fannie Mae form 1004C
· Appraisal Update and/or Completion Report, Fannie Mae Form 1004D
· Small Residential Income Property Appraisal Report, Fannie Mae Form 1025
· Individual Condominium Unit Appraisal Report, Fannie Mae Form 1073
· Exterior Only Inspection Individual Condominium Unit Appraisal Report, Fannie Mae Form 1075
· One-Unit Residential Appraisal Field Review Report, Fannie Mae Form 2000
· Two- to- Four Unit Residential Appraisal Field Review Report, Fannie Mae Form 2000A
· Exterior Only Inspection Residential Appraisal Report, Fannie Mae Form 2055
· Individual Cooperative Interest Appraisal Report Form, Fannie Mae Form 2090
· Exterior Only Inspection Individual Cooperative Interest Appraisal Report, Fannie Mae Form 2095
Sunday, October 02, 2005
Relocation Appraisal
Time is money. This is never more true than when you or your company need an appraisal of your "old" home when you're relocating to a new area for work.
When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days.But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.
When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.
If you're a relocation services company in need of a local appraiser, look no further.Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days.But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.
When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.
If you're a relocation services company in need of a local appraiser, look no further.Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Saturday, October 01, 2005
Why Hire a Technically Advanced Appraiser?
We all know them. The guys with pounds of silicon hanging from their belts. Every new gadget that has hit the market in the past 10 years has done time around their waist. Call them geeks. Call them nerds. Call them what you will, but by all means, give them your appraisal business. Why? I'm glad you asked.Appraisers are, by far, the most technical agents in the real estate world. By necessity, they have been drawn into the digital world at a pace not seen by their colleagues. The appraisal process is one that lends itself to technology. And technology has paid significant dividends to those appraisers who have invested in it. These dividends are shared with the appraiser's customers, in the form of shorter turn-around times and a much better final valuation report.OrderingLet's start at the beginning. Millions of real estate transactions are processed each year in the United States. Almost all of them require some sort of appraisal. Technology has allowed savvy appraisers to reduce the amount of work their client's need to order, track and receive appraisals. In the past, the primary mode of interaction between an appraiser and his clients was the telephone and fax machine. Clients would send requests via fax, and then often follow it up with a phone call to make sure it was received. Tracking the progress of the appraisal meant more phone calls - a disruption for both the client and the appraiser.But the modern, technologically advanced appraiser has a better method. Using tools like this web site - complete with the ability to order appraisals on-line - allows clients to shave valuable time off the process of ordering and tracking appraisals. Technologies like a la mode's net.X network are advancing this concept even further, giving its users the ability to not only order appraisals, but track their progress all the way until delivery. No more annoying games of phone tag!Data GatheringThe appraisal process is nothing if not a data intensive process. Appraisers spend a lot of their time gathering both specific information about the subject property and general data about the local market and developing trends. Once again, technology has stepped in to help appraisers. In the past, the home inspection process has been the time consuming and difficult. To top it off, appraisers then had to come back to the office and transcribe their field notes into the appraisal file itself. No longer.Today's digital appraiser has several tools that can aid in gathering data in the field. Starting with tools like a la mode's Pocket TOTAL, appraisers are eliminating the duplicate data entry problems of the past. Tools like the Leica Disto Laser meter are making the measurements more accurate. And software like Apex's PocketApex allow the appraiser to sketch the house on the fly. All of this means that the appraiser can get the report done and delivered to the client in a fraction of the time it once took.On the other side of the data gathering coin is the general data. The Internet has revolutionized the ability of appraisers to get quality data in a fraction of the time it once took. Where once an appraiser would spend hours finding the right location maps and then rubbing on decals, the modern appraiser gets his maps with a few mouse clicks, complete with location markers. And flood maps? Likewise just a few clicks away using services like a la mode's FloodSource. Standardized addressing, accurate postal coding, census tract information, are all at their fingertips. This ensures that the final report is as complete and accurate as possible, requiring fewer call-backs and revisions. A real money saver for busy appraisal clients.Report deliveryThe report is done. Now how is the digital appraiser going to leverage his investment in technology to improve the delivery process? Modern appraisers have forsaken the old print-and-snail mail route for a much more efficient electronic delivery system. Utilizing Adobe's Portable Document Format (PDF) files, an appraiser can deliver a complete, multi-page report, complete with digital photos and maps, through simple e-mail. Now, instead of waiting for the daily mail, or paying for expensive courier services, appraisal customers can simply log into their company email system and retrieve all the appraisals at one time. Without wasting and paper printing the appraisal, it can be routed to the appropriate loan officer or title company in the blink of an electron.More advanced organizations are leveraging a la mode's net.X network to not only order appraisals, but also to manage the delivery process. Before an appraisal is ever delivered, this cutting edge technology reviews the report and ensures that it meets certain guidelines. Have enough comparables been used? Has the appraiser included a statement of limiting conditions? These items can be checked automatically and the appraiser notified of the deficiency without the client ever getting involved. Now, when the final report is received, the client can be sure the appraisal meets all the basic criteria. Once again, costly follow up and revisions are avoided, lowering everybody's cost of doing business.Digital WorkfileIt would be wonderful if appraisers could complete a report, deliver it and never worry about seeing that document again. But one of the purposes of an appraisal is as a legal document outlining the condition of the property at the time of sale. So appraisers must keep their reports for 5 years, allowing them to recall any appraisal at any time to either defend the valuation or to be used in other legal proceedings.Here again, the digital appraiser leverages his investment in technology to improve service. By storing every aspect of the appraisal - notes, sketches, supporting documentation and calculations - along with the appraisal, the professional is able to retrieve that report at any time within the five years and recall just what that report was about. And this data is not stored in boxes stacked 5 deep in some rented warehouse. Instead, the digital appraiser uses technology like a la mode's Digital Workfile to electronically include all supporting documents as part of the appraisal file. These files are stored securely on searchable media, such as a la mode's Vault, where the appraiser can find them in a fraction of the time required in the past. This helps appraisal clients by giving them immediate, virtual access to any appraisal they've ordered within the past 5 years.These are just a few examples of how technologically advanced appraisers are improving the business workflows of their customers. Investing in the right software, services, gadgets and gizmos allows the appraiser to deliver reports quicker, more efficiently and with higher degrees of accuracy. All of which helps keep the appraiser's costs down, and save his clients time and money.
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
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Bennett Appraisals 1695 N 9th Street Washougal, WA 98671Phone: (360) 281-7289 Cell: (360) 281-7289 Fax: (360) 838-0634 E-mail: bennettappraisals@comcast.net
Tuesday, September 27, 2005
Winterizing your home
Winterizing Your Home
Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will look at the systems that make up the building such as:
Structural elements, foundation, framing etc
Plumbing systems
Roofing
Electrical systems
Cosmetic condition, paint, siding etc
If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.
Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyers are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.
It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time. Old Man Winter is settling in for a long chilly season. Before the temperatures dip too far south, follow these simple guidelines to winterize your home and save money on utilities.
Inside Your Home
Have your furnace system serviced to ensure it's working efficiently and not emitting carbon monoxide.
Clean permanent furnace filters and replace paper or disposable filters.
Replace the batteries in smoke and carbon monoxide detectors.
If you have a wood stove or fireplace, have your chimney swept thoroughly. It should be cleaned before the soot build up reaches one-fourth inch thickness inside the chimney flue.
Check your hot water heater for leaks and maintain proper temperature setting (120 degrees recommended by Department of Energy). On older water heaters with less insulation, for every 10 degrees Fahrenheit you lower the temperature, you save 6 percent of your water heating energy.
Check the attic to see if insulation needs to be added or replaced. This is the most significant area of heat loss in many homes, so it is also important to see that it has proper ventilation. Inadequate ventilation could lead to premature deterioration of the insulation materials. You may also need to check insulation in exterior walls, crawl spaces and along foundation walls.
Check all windows and doors for air leaks. Install storm windows and putty, caulk or add weather stripping as needed.
Check basement and cellars for seal cracks or leaks in walls and floor.
Make sure all vents are clean and operating properly.
Clean and vacuum baseboard heaters, heating ducts and vents.
Remove or winterize air conditioning units.
Outside Your Home
Store or cover outdoor furniture, toys and grill.
Purchase rock salt for melting snow and a shovel or snow blower if you don't already have one. Make sure you have the right kind of gas and oil on hand for your snow blower in the case of an unexpected snowstorm.
Caulk joints and minor cracks on exterior walls and siding.
Look for deteriorating finishes. Minor problems can be patched to preserve the wood. Put bigger jobs, such as scraping and refinishing painted or stained areas, on the calendar for next spring or early summer.
Drain and shut off sprinkler systems and other exterior water lines to avoid frozen and broken pipes. Leave all taps slightly open.
Insulate exterior spigots and other pipes that are subject to freezing but can't be drained or shut off.
Rake and compost leaves and garden debris, or put out for yard-waste pickup.
Clean storm drains, gutters and other drain pipes.
Check the foundation for proper drainage. To do this, spray yard with a hose to see if water runs away from the house. A little shoveling to reshape the earth next to the house may make the water run away from the foundation.
Make sure dirt or piles of wood don't come into contact with or touch siding, inviting termites and carpenter ants into the house.
Seal driveway and walkway cracks, if needed, before ground freezes regularly.
Inspect the roof for loose, damaged or missing pieces.
Check attic vent openings for nests or other blockages.
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Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will look at the systems that make up the building such as:
Structural elements, foundation, framing etc
Plumbing systems
Roofing
Electrical systems
Cosmetic condition, paint, siding etc
If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.
Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyers are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.
It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time. Old Man Winter is settling in for a long chilly season. Before the temperatures dip too far south, follow these simple guidelines to winterize your home and save money on utilities.
Inside Your Home
Have your furnace system serviced to ensure it's working efficiently and not emitting carbon monoxide.
Clean permanent furnace filters and replace paper or disposable filters.
Replace the batteries in smoke and carbon monoxide detectors.
If you have a wood stove or fireplace, have your chimney swept thoroughly. It should be cleaned before the soot build up reaches one-fourth inch thickness inside the chimney flue.
Check your hot water heater for leaks and maintain proper temperature setting (120 degrees recommended by Department of Energy). On older water heaters with less insulation, for every 10 degrees Fahrenheit you lower the temperature, you save 6 percent of your water heating energy.
Check the attic to see if insulation needs to be added or replaced. This is the most significant area of heat loss in many homes, so it is also important to see that it has proper ventilation. Inadequate ventilation could lead to premature deterioration of the insulation materials. You may also need to check insulation in exterior walls, crawl spaces and along foundation walls.
Check all windows and doors for air leaks. Install storm windows and putty, caulk or add weather stripping as needed.
Check basement and cellars for seal cracks or leaks in walls and floor.
Make sure all vents are clean and operating properly.
Clean and vacuum baseboard heaters, heating ducts and vents.
Remove or winterize air conditioning units.
Outside Your Home
Store or cover outdoor furniture, toys and grill.
Purchase rock salt for melting snow and a shovel or snow blower if you don't already have one. Make sure you have the right kind of gas and oil on hand for your snow blower in the case of an unexpected snowstorm.
Caulk joints and minor cracks on exterior walls and siding.
Look for deteriorating finishes. Minor problems can be patched to preserve the wood. Put bigger jobs, such as scraping and refinishing painted or stained areas, on the calendar for next spring or early summer.
Drain and shut off sprinkler systems and other exterior water lines to avoid frozen and broken pipes. Leave all taps slightly open.
Insulate exterior spigots and other pipes that are subject to freezing but can't be drained or shut off.
Rake and compost leaves and garden debris, or put out for yard-waste pickup.
Clean storm drains, gutters and other drain pipes.
Check the foundation for proper drainage. To do this, spray yard with a hose to see if water runs away from the house. A little shoveling to reshape the earth next to the house may make the water run away from the foundation.
Make sure dirt or piles of wood don't come into contact with or touch siding, inviting termites and carpenter ants into the house.
Seal driveway and walkway cracks, if needed, before ground freezes regularly.
Inspect the roof for loose, damaged or missing pieces.
Check attic vent openings for nests or other blockages.
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